4:20 Last post for the day and I am exhausted but not for the lack of trying. The red and green volume during the last minutes of the market was up to 3 time greater than the daily median, but still low. DaBoyz are playing with themselves and it is best to stay out of their way or you will get your fingers burnt. I suspect that any day now you will see a surge and that will be a signal to jump aboard for the ride. The problem here is that I don’t know if the train is going forward or backward.
The 500 for the day. (10 min chart)
The DOW for the day.
@zacks Need a reason to take profits in this market? I’ll give you something to worry about — actually five bricks you can build a wall of worry with:
1) First quarter GDP could be 1%
2) Oil prices rising on geopolitical tension could tilt economy toward recession
3) Bearish technical traders and hedge funds are eying new opportunities
4) Earnings estimates in the aggregate are flat, if not rolling over
5) Europe’s recession snowballing worse than expected.
@telegraph: “ Intriguing news from the International Swaps and Derivatives Association – the group that decides whether or not a country has officially defaulted. It has released a statement that says it has been asked a question about the Hellenic Republic. There will be an announcement on Wednesday at 5pm to announce the outcome.”
@SA “James Altucher goes all-in with his forecast for Dow 20K – seemingly holding nothing more than a low pocket pair. He tells Henry Blodget that people shouldn’t be so angry (video) with his long-standing bullish call with all the metrics positive and planned buybacks by U.S. firms sitting as a huge driver for prices. The tale of the tape: At today’s Dow, his uber-bullish call is for a 54% runup in about a year”
“Treasuries saw notable strength during trading on Monday, as renewed concerns about Europe generated buying interest in the bond market despite upbeat U.S. housing data and a turnaround by stocks.
After moving to the upside in early trading, bond prices hovered in positive territory throughout out the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, ended the day down by 5.5 basis points at 1.922 percent.
The strength among treasuries came on the heels of a statement from the G20 finance ministers and central bank governors that resurrected worries about the financial situation in Europe.
Following a weekend meeting, the G20 called for a further enhancement of the Eurozone’s bailout fund before the rest of the G20 nations can consider increasing their contribution to the International Monetary Fund’s resources.”